345
A PEARL AND DIAMOND RING, the five graduated
Currency:GBP
Category:Everything Else / Other
Start Price:NA
Estimated At:400.00 - 600.00 GBP
NOT SOLD (BIDDING OVER)
0.00GBP+ applicable fees & taxes.
This item WAS NOT SOLD. Auction date was 2002 Mar 14 @ 03:00UTC-8 : PST/AKDT
A PEARL AND DIAMOND RING, the five graduated half pearls interspaced with diamond points, claw-set to a pierced scroll mount. ESTIMATE: £400 - 600 400-1,000.00
Auction Location:
United Kingdom
Previewing Details:
Saturday 9th March 9.30am - 12.30pm; Monday 11th March 9.30am - 7pm; Tuesday 12th March 9.30am - 3pm; Wednesday 13th March 9am - 10.30am; Thursday 14th March
Additional Fees:
Shipping Details:
No Info Available
Payment Details:
No Info Available
Auction Terms & Conditions
(“The Conditions”)
These conditions (the “Conditions”) set out the terms on which Hamptons
conducts auctions and deals with Sellers, Buyers and those who attend such
auctions. Section A contains Conditions which apply to both Buyers and
Sellers. Section B has particular relevance to Sellers and Section C to
Buyers.
A. GENERAL
1. Definitions and interpretation
1.1 In these Conditions, the following words and phrases have the
meanings set out below:-
Auctioneer the representative of Hamptons conducting an auction;
Business Day a day other than a Sunday or English Bank Holiday;
Buyer the bidder (including the maker of a Commission Bid) whose offer for
a Lot has been accepted by Hamptons by the fall of the Auctioneer’s hammer;
Buyer’s Premium the meaning given to it in Condition 22.3.3;
Catalogue any brochure or price list relating to an auction published by or
on behalf of Hamptons;
Commission Bid the meaning given to it in Condition 21.1;
Counterfeit an imitation created since 1945 with an intention to deceive as
to its authorship, age, origin or source, the value of which is
significantly less than it would be if the item corresponded with its
description in the Catalogue;
Cover Fee the fee, which is an amount equal to 1 per cent. of the Hammer
Price, which is charged by Hamptons to the Seller in return for providing
the cover described in Condition 4.2;
Dangerous Substance any natural or artificial substance capable of causing
harm to any living organism supported by the environment, or damaging the
environment or public health or welfare;
Expenses Hamptons’ charges for illustrations (as described in Condition
7.2), special advertising, lotting, import, storage, packing and freight,
disposal of unsaleable items, Hamptons’ fees relating to any investigation
of ownership (including legal fees and expert fees) and any other expenses
incurred by or on behalf of Hamptons, together with VAT payable on these
amounts;
Hammer Price the price bid by a Buyer for a Lot which is accepted by the
fall of the Auctioneer’s hammer;
Hamptons Hamptons Estates Limited trading as any of the following, namely
Hamptons, Hamptons International, Hamptons Fine Art or Hamptons Auctioneers
and Valuers;
Lot any item or items of any kind accepted by Hamptons with a view to its
or their sale at auction;
Lot Liability the aggregate amount that Hamptons will be liable for in
relation to loss, damages, costs and/or expenses arising out of loss of or
damage to a Lot, as calculated in Condition 4.3;
Purchase Price the sum payable by a Buyer for a Lot as calculated in
accordance with Condition 22.3;
Representative shall include a party’s directors, employees, agents,
contractors, sub-contractors and representatives;
Reserve the notional figure notified to Hamptons by the Seller below which
a Lot should not be sold other than as described in Condition 12.1;
Sale Proceeds the net amount due to the Seller for a Lot calculated in
accordance with Condition 13.1;
Seller the seller and/or prospective seller of any Lot, as applicable;
Seller’s Commission the meaning given to it in Condition 13.2;
VAT Value Added Tax.
1.2 Any of the masculine, feminine or neutral genders shall include the
other genders.
1.3 The singular shall include the plural and vice versa.
1.4 Any reference to a statute refers not only to that statute but also
all statutory instruments, orders or regulations made under that statute or
deriving from it, as are in force.
2. Hamptons’ relationship with Buyers and Sellers
2.1 The contract for the sale of each Lot is made between the Seller and
the Buyer of that Lot. The contract is made by the acceptance of a Buyer’s
bid indicated by the fall of the Auctioneer’s Hammer. In selling Lots,
Hamptons generally acts as the Seller’s agent.
2.2 Hamptons’ relationship with each Seller is contractual and the terms
of the contract between the Seller and Hamptons are set out in these
Conditions.
2.3 Hamptons will hold any money belonging to the Seller or the Buyer in
a separately designated client account. Due to the speed and number of
transactions involved, Hamptons does not attempt to calculate or credit to
the Seller or Buyer (as the case may be) any interest which may be earned as
a result of handling this money.
3. Conduct of auctions
3.1 Hamptons has the right to refuse any person admission to its premises
and/or to auctions. Hamptons may also require any person to leave an
auction, at its discretion.
3.2 Hamptons has the right to divide a Lot into separate Lots or combine
two or more Lots into a single Lot at any time without notice, prior to the
commencement of bidding for that Lot.
3.3 Each bid constitutes an offer which Hamptons may accept at its
absolute discretion. Hamptons has the right to refuse any bid relating to a
Lot or withdraw any Lot from an auction at any time prior to the sale of
that Lot to a Buyer.
3.4 The Auctioneer has the right to increase the bidding by such
increments as he considers fit.
4. Responsibility for Lots
4.1 The Seller is responsible for the Lot until it is delivered to a
Representative of Hamptons nominated/designated for that purpose or as
otherwise agreed between Hamptons and the Seller. While the Seller remains
responsible for the Lot, he shall also be responsible for any loss, damages,
expenses and/or other costs that are incurred by Hamptons as a result of the
loss of, or damage to, the Lot.
4.2 Once a Lot has been delivered to Hamptons by a Seller as set out in
Condition 4.1, Hamptons shall be responsible for the Lot to the extent set
out in this Condition. While Hamptons is responsible for a Lot, it shall be
liable to the owner of the Lot (as explained in Condition 5) only for loss,
damages, costs and/or expenses arising out of loss of or damage to the Lot
to the extent caused by Hamptons up to in aggregate the Lot Liability (as
defined in Condition 4.3). Except as set out in this Condition, Hamptons
shall have no liability to either the Buyer or the Seller for loss arising
out of loss and/or damage of a Lot, and shall have no other liability to the
Seller whatsoever.
4.3 In relation to each Lot, Lot Liability shall be an amount determined
as follows:-
4.3.1 before the auction of the Lot, if a Reserve has been placed on
the Lot, the Lot Liability shall be a sum equal to the amount of that
Reserve. If a Reserve has not been placed on that Lot, the Lot Liability
shall be such sum as is equal to Hamptons’ estimate of the value of that
Lot. In making such estimate, Hamptons shall act reasonably and in good
faith and will take account of all relevant facts and circumstances of the
matter;
4.3.2 after the auction of the Lot, the Lot Liability shall be a sum
equal to the Hammer Price of that Lot;
4.3.3 where Lot Liability is calculated to establish Hamptons’
liability to a Seller, the Lot Liability calculated under Condition 4.3.1 or
4.3.2 (as the case may be) shall be reduced by an amount equal to the sum of
the amounts described in Condition 13.1.
4.4 After an offer has been accepted by Hamptons in respect of a Lot,
Hamptons shall remain responsible for it on the terms set out in Condition
4.2 until either it is delivered to the Buyer or the Buyer’s Representative
(which shall include third party contractors engaged by the Buyer to
transport the Lot), at which time the Lot will become the Buyer’s
responsibility, or until the Lot is disposed of in the manner described in
Condition 6.
4.5 If a Lot is withdrawn from sale or remains unsold after an auction,
Hamptons shall remain responsible for it on the terms set out in Condition
4.2 until either it is returned to the Seller or the Seller’s Representative
(which shall include third party contractors engaged by the Seller to
transport the Lot), at which time the Lot will become the Seller’s
responsibility, or until the Lot is disposed of in the manner described in
Condition 6.
5. Ownership of Lots
Other than in the circumstances referred to in Condition 13.5, the
Seller shall continue to own the Lot until the Buyer has paid for the Lot as
described in Condition 22.4, at which time ownership of the Lot will
transfer to the Buyer.
6. Disposal of uncollected Lots
If either the Buyer or the Seller, as the case may be, fails to remove a
Lot from Hamptons within 90 days of the day on which it is required to do so
under Conditions 15.2, 16.2 and/or 23.2 (as appropriate), Hamptons may offer
the Lot for sale at auction on whatever terms Hamptons considers
appropriate. After auctioning the Lot, Hamptons will pay the proceeds of
sale to the Buyer or the Seller, as the case may be, having deducted all
sums owed by that person to Hamptons including Expenses, VAT and any
applicable commission determined in accordance with Condition 13.
7. Illustrations and description: Copyright and charges
7.1 Hamptons has the non-exclusive right to photograph, video or
otherwise produce an image of each Lot and to describe each Lot in writing.
The copyright in these illustrations and descriptions shall belong to
Hamptons, and Hamptons shall have the right to use it in any way Hamptons
sees fit. No-one may use these illustrations and/or descriptions without
having first obtained Hamptons’ written consent.
7.2 Hamptons shall charge the Seller not more than £100 (exclusive of
VAT) for any black and white illustration and not more than £250 (exclusive
of VAT) for any colour illustration of a Seller’s Lot that appears in a
Catalogue.
8. Notices
Any notice, demand, consent or other communication to be given or made
under or in connection with these Conditions by Hamptons to a Seller,
prospective bidder or Buyer shall be delivered personally or sent by fax,
prepaid first class post or air mail to the address or fax number (as
appropriate) of the addressee last notified to Hamptons, and shall be deemed
to have been duly given or made as follows:-
8.1 if personally delivered, upon delivery at the address of, or to the
relevant party, as the case may be;
8.2 if sent by first class post or air mail, 2 days after the date of
posting, if posted to an address within the UK, and 7 days after the date of
posting if posted to an address outside the UK; and
8.3 if sent by fax, when despatched, if despatched between the hours of
9.00 a.m. and 5.00 p.m. (local time of the recipient), or at 9.00 a.m.
(local time of the recipient) on the day following despatch (local time of
the dispatcher) if despatched at any other time.
9. Law and jurisdiction
9.1 These Conditions shall be governed by, and construed in accordance
with English law. Hamptons, all Buyers and all Sellers submit to the
exclusive jurisdiction of the English courts.
9.2 If there is any dispute between Hamptons, and either or both of a
Seller and a Buyer concerning the sale of any Lot at an auction conducted by
Hamptons, the matter shall, in accordance with and insofar as is permitted
by the Arbitration Act 1996 be referred to a single arbitrator to be agreed
upon by the parties or, if the parties cannot agree within 14 days of the
date on which the identity of the arbitrator is first brought to the
attention of all relevant parties, to be nominated at the request of any
party involved in the dispute by the President for the time being of the
Royal Institution of Chartered Surveyors.
B. SELLERS’ CONDITIONS
10. Seller’s promises
10.1 The Seller promises Hamptons that:-
10.1.1 the Seller is the sole owner of each Lot delivered by him to
Hamptons and has an unrestricted right to transfer to the Buyer the
ownership of such Lot free from any rights or claims of any third party;
10.1.2 the Seller will notify Hamptons prior to the auction of each Lot
of any alteration to the Lot of which the Seller is, or should reasonably be
aware, or suggestions made to the Seller by third parties that relate to the
ownership, condition or attribution of the Lot, in each case which may
affect the value of the Lot; and
10.1.3 the Seller has complied with all necessary requirements
concerning import or export regulations applicable to each Lot and has
notified Hamptons in writing of any failure, of which the Seller is aware,
or could reasonably be expected to be aware, by any third party to comply
with these regulations in the past.
10.2 If the Lot contains any Dangerous Substances, the Seller promises
Hamptons that:-
10.2.1 the Dangerous Substances are safe (if the Lot is used for the
purpose for which it was designed) and free from any defect which might
cause damage, personal injury or death; and
10.2.2 the Dangerous Substances comply with all relevant applicable
legislation including (but not limited to) The Health and Safety at Work
etc. Act 1974 as amended from time to time;
10.2.3 the Seller has obtained all requisite environmental licences and
permits required by law in relation to the Dangerous Substances and has
complied with the terms of such licences and perm its in all respects.
11. Seller’s liability
If the Seller is in breach of any of the promises in Condition 10, he
shall pay each of Hamptons and/or the Buyer (as the case may be) for any
loss, damages, expenses or other costs that arise in any way out of the
breach and that are incurred by either or both of Hamptons and/or the Buyer
(as the case may be).
12. Reserves
12.1 The Seller may notify Hamptons of any Reserve that he wishes to
place on any Lot to be auctioned prior to the commencement of the auction in
question. Hamptons may sell a Lot to a Buyer at a price below the Reserve,
unless, in its notification of the Reserve, the Seller instructs Hamptons
not to do so. If, however, Hamptons sells the Lot for an amount which is
less than 90 per cent. of the Reserve, the Seller shall receive (as
described in Condition 13.3) such Sale Proceeds as he would have received
had the Hammer Price been an amount equal to 90 per cent. of the Reserve.
12.2 Any changes which the Seller wishes to make to a Reserve must also
be communicated to Hamptons prior to the commencement of the auction in
question, and will only be accepted at Hamptons’ discretion.
12.3 If the Seller does not notify Hamptons of a Reserve, Hamptons shall
sell the Lot at such price as it sees fit. If a Lot is offered without
Reserve, Hamptons shall not be obliged to sell such Lot to the highest
bidder, and makes no representation or offer to any bidder that it shall do
so.
12.4 The Seller may not bid for his own Lot or instruct anyone other than
Hamptons to do so. Hamptons may bid on the Seller’s behalf as often as it
considers fit.
12.5 Where the Seller is the executor or administrator of an estate and
has given Hamptons discretionary instructions to sell a Lot on his behalf,
Hamptons may place such Reserve on it as it sees fit to do so.
13. Payment of Sale Proceeds to the Seller
13.1 The Sale Proceeds is an amount equal to the Hammer Price less the
sum of:-
13.1.1 the Seller’s Commission at the rates set out in Condition 13.2;
and
13.1.2 Expenses and the Cover Fee (each as described in Condition 1.1);
and
13.1.3 VAT, as applicable.
13.2 The Seller’s Commission is calculated as a percentage of the Hammer
Price as follows:- Hammer Price Seller’s Commission
£500 or more - 12 1/2 per cent
less than £500 - 15 per cent
13.3 Hamptons will normally only pay the Sale Proceeds to the Seller once
it has received the Purchase Price from the Buyer as described in Conditions
22.3 and 22.4. If Hamptons has received the Purchase Price from the Buyer
as described in those Conditions, it shall pay the Sale Proceeds to the
Seller not later than 28 Business Days after the end of the day on which the
Lot was sold. If it has not received the Purchase Price in accordance with
Condition 22.3, Hamptons shall pay the Sale Proceeds to the Seller not later
than 7 Business Days after the date on which it receives the Purchase Price
in accordance with Condition 22.4.
13.4 If the Buyer does not pay the Purchase Price as described in
Condition 22.3 within 20 Business Days of the date of the auction, Hamptons
may agree special terms with the Buyer on the Seller’s behalf for storage
and payment. In addition, Hamptons shall discuss the situation with the
Seller, and may take any steps it considers necessary to collect the
Purchase Price (and any applicable extra amount) from the Buyer. Hamptons
shall not be obliged either to take legal action against the Buyer to
recover the Sale Proceeds, or (until it has received the Sale Proceeds from
the Buyer as described in Condition 13.3) to pay the Sale Proceeds to the
Seller.
13.5 If, despite Conditions 13.3 and 13.4, Hamptons does pay the Sale
Proceeds to the Seller before it has received the Purchase Price from the
Buyer, the Seller shall transfer ownership of the Lot to Hamptons upon
receiving the Sale Proceeds.
13.6 The Seller acknowledges and agrees that Hamptons is entitled to
retain the Buyer’s Premium.
14. Counterfeits: Seller’s obligations
If, within 2 months of the sale of a Lot, the Buyer satisfies Hamptons
(as described under “Counterfeits: Buyers’ obligations” in Condition 27)
that a Lot is a Counterfeit, then Hamptons shall have the right to cancel
the sale, and if Hamptons has paid the Seller some or all of the Sale
Proceeds prior to such cancellation, the Seller shall pay to Hamptons not
later than 5 Business Days after Hamptons demands it, a sum equal to the
amounts paid to the Seller.
15. Withdrawn Lots
15.1 If the Seller withdraws a Lot from an auction, the Seller will pay
Hamptons for the costs Hamptons has incurred in providing its services and
shall pay Hamptons an amount in respect of the Seller’s Commission (plus any
applicable VAT) that Hamptons would have received had the Lot been sold at
auction. The Seller’s Commission will be calculated as set out in Condition
13.2, but as if the reference to the Hammer Price for this purpose was a
reference to the Reserve, if one has been notified to Hamptons, or if not, a
reference to Hamptons’ reasonable estimate of the value of the Lot (made in
good faith).
15.2 After withdrawing a Lot, the Seller shall arrange for the removal of
the Lot from Hamptons’ premises not later than 2 Business Days from the date
on which he notified Hamptons of his intention to withdraw the Lot.
16. Unsold Lots
16.1 If a Lot does not sell at auction, Hamptons will notify the Seller
who shall either arrange for the removal of the Lot from Hamptons’ premises
within 2 Business Days of receiving this notification, or shall instruct
Hamptons to re-offer the Lot for sale. Hamptons shall only release the Lot
to the Seller upon payment in full of any Expenses incurred by Hamptons or
its Representative in connection with offering the Lot for sale.
16.2 If the Seller does not remove the unsold Lot within 2 Business Days
of Hamptons’ notification that it has not sold at auction, Hamptons may
store the Lot or arrange for its storage by a third party and may, but shall
not be obliged to arrange insurance cover for the Lot. If Hamptons does
arrange cover, the cost of such cover will be included in the Expenses
payable by the Seller.
16.3 Hamptons may, at its discretion, introduce the Seller to a
prospective buyer of an unsold Lot. If the Seller sells the Lot to that
buyer, Hamptons will be entitled to, and the Seller shall pay, Seller’s
Commission and Expenses, plus any applicable VAT as if the Lot had been sold
at auction and the reference to the Hammer Price in Condition 13.2 was a
reference to the price paid by the buyer for the Lot.
17. VAT
If any Lot is an asset of the Seller’s business, the Seller must notify
Hamptons on or before delivery of the Lot to Hamptons whether or not he is
registered for VAT purposes, and if so, his registered number and whether or
not he intends to operate the VAT Used Goods Scheme.
C. BUYERS’ CONDITIONS
18. Examinations of Lots
Prospective Buyers are strongly urged to examine personally any Lot in
which they are interested before the commencement of an auction. Condition
reports are usually available without charge upon request. Hamptons cannot
guarantee the physical condition of any Lot and does not accept any
responsibility for such physical condition except as set out in Condition
4.2. This Condition does not affect the rights of a Buyer under Condition
27.
19. Hamptons’ liability
Other than in the circumstances described in Condition 27, Hamptons and
its Representatives shall not be liable for the accuracy of any statements
made by them concerning a Lot’s age, date, condition, origin, authorship or
provenance unless the statement was made fraudulently or the maker of the
statement should reasonably have known at the time it was made, that the
statement was inaccurate (having regard to the expertise of the statement
maker, and all the circumstances in which the statement was made). This
restriction shall not limit Hamptons’ liability for personal injury or death
arising out of the negligence of Hamptons.
20. Buyer’s identity
20.1 If there is a dispute about which bidder is the Buyer, Hamptons
shall have the right to determine who is the Buyer of any Lot or re-offer
the Lot for sale.
20.2 A Buyer may only bid on his own behalf, unless prior to the auction
he has notified Hamptons of his intention to bid on behalf of a third party,
the identity of whom he must disclose to Hamptons. Even if a Buyer buys a
Lot on behalf of a third party, the Buyer shall remain personally
responsible to Hamptons for that third party’s obligations, including, but
not limited to, the payment of the Purchase Price and removal of the Lot
following the auction.
21. Commission Bids and telephone bids
21.1 Prospective Buyers are advised to attend auctions in person to be
certain that their bids are recognised by the Auctioneer. Nevertheless, a
prospective Buyer may give Hamptons written instructions to bid on his
behalf (a “Commission Bid”). Hamptons shall use reasonable efforts to make
Commission Bids on the condition that the conduct of the auction may
progress in a manner which prevents Hamptons from doing so. Hamptons does
not accept any liability for failure to make a Commission Bid.
21.2 If Hamptons receives two or more Commission Bids for identical
amounts for a particular Lot, unless Hamptons in its absolute discretion
decides otherwise, only the first in time to be received by Hamptons will be
eligible to be made.
21.3 At the request of a prospective bidder and on the basis that the
bidder provides such information as Hamptons may require, Hamptons will use
its reasonable endeavours to contact that prospective bidder to enable him
to participate in bidding by telephone provided that Hamptons shall not be
liable to either the Seller or to that prospective bidder for any loss and
expenses arising out of a failure to contact that prospective bidder.
22. Payment
22.1 Prior to making a bid, all prospective bidders must register with
Hamptons giving full contact details, and such banking or other suitable
references as Hamptons may reasonably require.
22.2 VAT is payable by the Buyer on the Hammer Price on all Lots marked
in the Catalogue with an asterisk.
22.3 The Buyer must pay the Purchase Price for each Lot sold to him not
later than 2 Business Days after the day on which the Lot was auctioned.
The Purchase Price is an amount equal to the sum of:-
22.3.1 the Hammer Price; and
22.3.2 VAT, if applicable to the Lot - please see Condition 22.2; and
22.3.3 a premium of 15 per cent. of the Hammer Price (plus VAT if
applicable) (the “Buyer’s Premium”).
22.4 Payment for all Lots must be made in full, in pounds sterling, to
Hamptons by means of banker’s draft, credit or debit card, cash or
electronic transfer. Payments by credit card will be subject to a surcharge
of 2 per cent., payable by the Buyer. Hamptons may, at its discretion,
accept payment by cheque, but the Lot will not be regarded as having been
paid for until the cheque has been cleared.
22.5 A payment from a Buyer to Hamptons may be used by Hamptons to repay
any sums owed by that Buyer to Hamptons, at Hamptons’ discretion.
23. Removal of purchased Lots
23.1 No Lot may be removed by the Buyer until Hamptons has received
payment in full for the Lot as described in Condition 22.
23.2 Provided that he has paid in full for the Lot as described in
Condition 22, the Buyer or his Representative shall remove, at the Buyer’s
expense, any Lot purchased by him within 1 Business Day of the Buyer making
payment to Hamptons as described in Condition 22.4. If, for any reason
beyond his control, the Buyer is unable to do so, he must notify Hamptons as
soon as possible.
23.3 If the Buyer of a Lot has not removed it within 3 Business Days of
the auction, Hamptons shall arrange storage of the Lot. The Buyer shall pay
Hamptons for this service at its prevailing rates from time to time.
24. Non-Payment
If the Buyer does not pay for the Lot as described in Condition 22.4,
Hamptons will be entitled to do one or more of the following:-
24.1 charge interest on the Purchase Price (to the extent that it remains
unpaid for more than 5 Business Days after the date of the auction) at a
rate of 4 per cent. per annum over the base rate of National Westminster
Bank plc;
24.2 issue legal proceedings on the Seller’s behalf to recover the amount
(including interest) owed by the Buyer, plus the costs of the proceedings;
24.3 cancel the sale of the Lot to the Buyer without liability on the
part of either the Seller or Hamptons;
24.4 for so long as payment is outstanding, retain any other Lot in the
same or any other auction which belongs to the Buyer but is in Hamptons’
possession; and
24.5 reject any bids made by or on behalf of the Buyer in the future, or
obtain a deposit from the Buyer before accepting any future bid.
25. Special Lots, Permits and Export Licences
25.1 If a Lot is a motor vehicle, the Buyer is responsible for complying
with all relevant legislation concerning the ownership and use of the
vehicle (including, but not limited to the Road Traffic Act 1988) and for
ensuring that any necessary test certificate is in force.
25.2 The Buyer is solely responsible for obtaining any export licence,
certificate, permit or other authority required for the ownership and use of
the Lot. In particular, Hamptons will not release firearms to Buyers
without the production of satisfactory evidence of compliance with UK
firearms legislation.
25.3 If a Lot contains Dangerous Substances, the Buyer is solely
responsible for complying with all relevant legislation concerning the
ownership, storage and use of the Lot, and for ensuring that all necessary
licences and permits are obtained and complied with.
26. Unsold Lots
If a Lot does not sell at an auction, but following the auction a
prospective buyer notifies Hamptons of his interest in buying that Lot,
Hamptons may, at its discretion introduce the prospective buyer to the
Seller. If the Buyer buys the Lot from that Seller, Hamptons shall be
entitled to, and the Buyer shall pay the Buyer’s Premium as if the Lot had
been sold at auction and the reference to the Hammer Price in Condition 22.3
was a reference to the price paid by the Buyer for the Lot.
27. Counterfeits: Buyer’s Obligations
27.1 If within 2 months of the date of the auction the Buyer satisfies
Hamptons, on the basis of expert evidence, that a Lot previously bought by
him at a Hamptons auction is a Counterfeit, the sale of the Lot will be
cancelled and Hamptons will refund as much of the Purchase Price to the
Buyer as the Buyer has already paid to Hamptons provided that:-
27.1.1 the Lot is returned to Hamptons in substantially the same
condition as it was in when sold to the Buyer;
27.1.2 the Buyer has not, following the auction, sold or otherwise
transferred the Lot to a third party in exchange for money or for anything
else of value;
27.1.3 at the date the Catalogue in which the Lot was advertised was
published, it would have been possible to establish that the Lot was a
Counterfeit using a scientific process generally accepted for use that was
not unreasonably expensive, impractical or likely to damage the Lot.
27.2 The only entitlement of the Buyer under Condition 27.1 is to the
refund described in that Condition. The refund shall not extend to any
other loss suffered by the Buyer as a result of the Lot being a Counterfeit
(including but not limited to loss of profits). Hamptons shall not have any
other responsibility to the Buyer.
27.3 Only the Buyer (or if applicable, the personal representatives of
the Buyer’s estate) may claim under Condition 27.1. The right to make such
a claim does not pass to any third party to whom the Buyer may have
transferred the Lot.